Meredith Reportedly Agreed To Pay $18.50/Shr Cash For Time Inc

(RTTNews) - Meredith Corp (MDP) has agreed to buy Time Inc (TIME) for $18.50 per share in cash valuing the fabled New York publisher at $1.85 billion, the Wall Street Journal reported citing people familiar with the situation.

The bid by Meredith,which publishes Better Homes & Gardens and Martha Stewart Living, among others is reportedly backed by conservative billionaire brothers Charles and David Koch. The boards of both companies have approved the transaction, the report stated.

In the mid of November, Meredith has reportedly made a takeover bid for storied magazine publisher Time Inc. in the range of $17 to $20 per share.